Bristol Myers Squibb Q3 Sales Dip Slightly

TL;DR

BMS Q3 sales down to $11B from $11.2B YoY. Nine-month sales at $32.7B vs $33B.

AI Summary

Bristol Myers Squibb Co. reported its third-quarter 2024 results for the period ending September 30, 2024. The company's net product sales for the third quarter of 2024 were $11.0 billion, a decrease from $11.2 billion in the third quarter of 2023. For the nine months ended September 30, 2024, net product sales were $32.7 billion, down from $33.0 billion in the same period of 2023.

Why It Matters

This filing indicates a slight decline in Bristol Myers Squibb's product sales, which could impact investor confidence and future revenue projections for the pharmaceutical giant.

Risk Assessment

Risk Level: medium — The slight decrease in sales and the mention of various financial instruments and potential legal matters suggest a moderate level of financial and operational risk.

Key Numbers

• $11.0B — Net Product Sales (Q3 2024) (Represents revenue generated from product sales in the third quarter of 2024.)
• $11.2B — Net Product Sales (Q3 2023) (Represents revenue generated from product sales in the third quarter of 2023, used for year-over-year comparison.)
• $32.7B — Net Product Sales (Nine Months 2024) (Represents cumulative revenue from product sales for the first nine months of 2024.)
• $33.0B — Net Product Sales (Nine Months 2023) (Represents cumulative revenue from product sales for the first nine months of 2023, used for year-over-year comparison.)

Key Players & Entities

• BRISTOL MYERS SQUIBB CO (company) — Filer
• 20240930 (date) — Period of Report
• 20241031 (date) — Filing Date
• $11.0 billion (dollar_amount) — Q3 2024 Net Product Sales
• $11.2 billion (dollar_amount) — Q3 2023 Net Product Sales
• $32.7 billion (dollar_amount) — Nine Months 2024 Net Product Sales
• $33.0 billion (dollar_amount) — Nine Months 2023 Net Product Sales

FAQ

Key Financial Figures

• $0.10 — ange on which registered Common Stock, $0.10 Par Value BMY New York Stock Exchange

Filing Documents

• bmy-20240930.htm (10-Q) — 2497KB
• bmyex31a_20240930.htm (EX-31.A) — 9KB
• bmyex31b_20240930.htm (EX-31.B) — 10KB
• bmyex32a_20240930.htm (EX-32.A) — 4KB
• bmyex32b_20240930.htm (EX-32.B) — 4KB
• 0000014272-24-000147.txt ( ) — 13684KB
• bmy-20240930.xsd (EX-101.SCH) — 85KB
• bmy-20240930_cal.xml (EX-101.CAL) — 161KB
• bmy-20240930_def.xml (EX-101.DEF) — 425KB
• bmy-20240930_lab.xml (EX-101.LAB) — 912KB
• bmy-20240930_pre.xml (EX-101.PRE) — 695KB
• bmy-20240930_htm.xml (XML) — 2728KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements: Consolidated Statements of Earnings and Comprehensive Income/(Loss) 3 Consolidated Balance Sheets 4 Consolidated Statements of Cash Flows 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 3. Quantitative and Qualitative Disclosure About Market Risk 56 Item 4.

Controls and Procedures

Controls and Procedures 56

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 57 Item 1A.

Risk Factors

Risk Factors 57 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 57 Item 5. Other Information 57 Item 6. Exhibits 58 Summary of Abbreviated Terms 59

Signatures

Signatures 60 * Indicates brand names of products which are trademarks not owned by BMS. Specific trademark ownership information is included in the Exhibit Index at the end of this Quarterly Report on Form 10-Q.

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS BRISTOL-MYERS SQUIBB COMPANY CONSOLIDATED STATEMENTS OF EARNINGS Dollars in millions, except per share data (UNAUDITED) Three Months Ended September 30, Nine Months Ended September 30, EARNINGS 2024 2023 2024 2023 Net product sales $ 11,483 $ 10,645 $ 34,967 $ 32,610 Alliance and other revenues 409 321 991 919 Total Revenues 11,892 10,966 35,958 33,529 Cost of products sold (a) 2,957 2,506 9,156 7,948 Marketing, selling and administrative 1,983 2,003 6,278 5,699 Research and development 2,374 2,242 7,968 6,821 Acquired IPRD 262 80 13,343 313 Amortization of acquired intangible assets 2,406 2,256 7,179 6,769 Other (income)/expense, net 234 ( 258 ) 588 ( 787 ) Total Expenses 10,216 8,829 44,512 26,763 Earnings/(loss) before income taxes 1,676 2,137 ( 8,554 ) 6,766 Income tax provision 461 203 455 488 Net earnings/(loss) 1,215 1,934 ( 9,009 ) 6,278 Noncontrolling interest 4 6 11 15 Net earnings/(loss) attributable to BMS $ 1,211 $ 1,928 $ ( 9,020 ) $ 6,263 Earnings/(Loss) per common share: Basic $ 0.60 $ 0.94 $ ( 4.45 ) $ 3.01 Diluted 0.60 0.93 ( 4.45 ) 2.99 (a) Excludes amortization of acquired intangible assets . CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) Dollars in millions (UNAUDITED) Three Months Ended September 30, Nine Months Ended September 30, COMPREHENSIVE INCOME/(LOSS) 2024 2023 2024 2023 Net earnings/(loss) $ 1,215 $ 1,934 $ ( 9,009 ) $ 6,278 Other comprehensive income/(loss), net of taxes and reclassifications to earnings: Derivatives qualifying as cash flow hedges ( 178 ) 114 67 ( 7 ) Pension and postretirement benefits 100 2 49 ( 9 ) Marketable debt securities 5 ( 2 ) 3 ( 2 ) Foreign currency translation 61 ( 13 ) ( 41 ) 13 Total Other Comprehensive Income/(Loss) ( 12 ) 101 78 ( 5 ) Comprehensive income/(loss) 1,203 2,035 ( 8,931 ) 6,273 Comprehensive income attributable to noncontrolling interest 4 6 11 15 Comprehensive income/(loss) attributable to BMS

View Full Filing

View this 10-Q filing on SEC EDGAR